According to preliminary results, Magnis is on track to develop an EV battery which takes 10 minutes to charge to u 80%; it is targeting an eventual six minute window. 

The battery has so far demonstrated the ability to retain up to 75% of total charging ability over 2,513 charging cycles. 

Magnis, alongside the UK-based parent company who own the technology, CCCV, or C4V,, are producing BMLMP phosphate cathode EV batteries which do not require cobalt, nor nickel. 

Magnis has a 9.65% stake in C4V.

The uniquely designed cells will remain within 99% of total energy density of other EV battery products on the market, which are more heavily reliant on the inclusion of rare metals based materials (such as cobalt,) a mineral which is both increasingly rare, and, increasingly on the radar of green investors, it said. 

"[Initial] EFC 6-minute results, while impressive, are too early to report as only 100 cycles have been completed to date," the company said. 

"Magnis's technology partner, C4V, is at the forefront of this technology development and has been working with end-users including commercial EV manufacturers to develop a future proof design for EFC batteries."

C4V president Dr. Shailesh Upreti is optimistic that the product will ‘shine through' an increasingly crowded, and rare metals reliant marketplace. 

"[We] believe this is one of the most exciting technologies currently in play for the transport industry," Dr. Upreti said. 

"We are [very] excited by ongoing results that we continue to achieve using this technology."

At the beginning of the month Magnis welcomed its first batteries from its New York gigafactory. 

It bought the plant in 2018 at a bargain price in North Carolina and had it shipped to New York with other members of its battery consortium Imperium3. 

The ASX-listed Magnis also has a gigafactory in Queensland at an earlier stage of development. 

Magnis shares are worth 26.5c.